Robertson Stephens Weekly Commentary – March 10, 2025

It is a measure of how worried investors are about economic growth when Fed Chairman Powell pushes the equity markets UP by signaling no that interest rate cuts are coming any time soon. A few short months ago, this message from the Fed would have been viewed as a cold, wet blanket on a smoking hot fire. Instead, Powell’s affirmation that the US economy is doing just fine without any special help from the Fed relieved a fair amount of stagflation jitters. The S&P 500 returned -3.1% as uncertainty over tariffs and weak economic data roiled markets. The U.S. dollar saw its longest losing streak since last September, ending the weak down 3.5% while treasury yields climbed amid worries that tariffs would spark inflation. On the wealth planning front, we discuss staying ahead of volatility.